This growth has been supported by robust demand from infrastructure and double-digit growth in auto, white goods, and consumer durables.
"Declining exports and rising imports further indicate a strong rebound in domestic demand. Lower domestic steel inventory provides comfort on steel prices," the report said.
"Domestic rebar prices, however, have come under pressure due to rising supply and softened demand in the construction segment, weighed by high prices of construction material such as cement and steel."
On the other hand, the report cited domestic HRC prices remained strong on the back of sustained demand and regional prices.
"However, easing iron ore prices, led by improving supply, are cushioning steel spreads."
"Thus, despite decline in steel prices, domestic steel spreads remain strong, up Rs 5,600-6,000 per tonne over the 3QFY21 average."
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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